Hans Kumar borrows Rs 7000 at simple interest from the village moneylender. At the end of 3 years, he again borrows Rs 3000 and closes his account after paying Rs 4615 as interest after 8 years from the time he made the first borrowing. Find the rate of interest.

3.5%

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4.5%

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5.5%

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6.5%

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Solution

The correct option is D 6.5%
The interest would be paid on 7000 for 3 years +10000 for 5 years.
Let's check for the rate of 6.5% for the total interest for 8 years
=1365+3250
=Rs 4615
Since, 6.5% satisfies, it is our answer.

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Hans Kumar borrows Rs 7000 at simple interest from the village moneylender. At the end of 3 years, he again borrows Rs 3000 and closes his account after paying Rs 4615 as interest after 8 years from the time he made the first borrowing. Find the rate of interest.

The correct option is D 6.5%The interest would be paid on 7000 for 3 years +10000 for 5 years. Let's check for the rate of 6.5% for the total interest for 8 years =1365+3250 =Rs 4615 Since, 6.5% satisfies, it is our answer.

The correct option is D 6.5%
The interest would be paid on 7000 for 3 years +10000 for 5 years.
Let's check for the rate of 6.5% for the total interest for 8 years
=1365+3250
=Rs 4615
Since, 6.5% satisfies, it is our answer.